James Mulloy, Et Al. v. Eugene G. Mulloy, Jr. Et Al.

James Mulloy, Et Al. v. Eugene G. Mulloy, Jr. Et Al.
M2017-01949-COA-R3-CV

Two brothers formed a limited liability company to own and lease a commercial property. When the tenant sought to expand, both brothers sought to find a suitable space for the tenant to lease. The younger of the two brothers found a property that would ideally suit the tenant’s needs, a fact that was communicated to his brother. The older brother purchased the property through a newly created limited liability company without his younger sibling’s involvement. The older brother’s new limited liability company then leased the new property to the tenant. The younger brother brought a derivative suit against his brother and the newly formed limited liability company, claiming usurpation of a corporate opportunity belonging to the limited liability company that the brothers had formed together and tortious interference with business relationships. The younger brother also claimed unjust enrichment. Following a trial, the chancery court found in favor of the older brother and his newly formed limited liability company and dismissed the complaint. After our review of the record, we affirm.

Authoring Judge: 
Judge W. Neal McBrayer
Originating Judge: 
Chancellor Russell T. Perkins
Date Filed: 
Thursday, October 10, 2019